8CAPITOL HILL 8

SEATTLE CBD

CAPITOL HILL

EASTLAKE

CAPITOL HILL LIGHT RAIL

SOUTH LAKE UNION

QUEEN ANNE

LAKE UNION

Capitol Hill 8

FIRST HILL

BELLTOWN

Paragon Real Estate Advisors is pleased to offer for exclusive sale

the Capitol Hill 8 Apartments. This building offers an exceptional

opportunity to acquire a property in “turn key” condition in the very

sought after and conveniently located Capitol Hill neighborhood

in Seattle. The apartment building sits right in the heart of Capitol

Hill, and its tenants enjoy the stunning views from the 2nd, 3rd and

4th floors, close proximity to Downtown, nearby walkable retail on

Broadway Avenue, Capitol Hill Light Rail Station and the very popular

Cal Anderson Park.

NAME Capitol Hill 8

ADDRESS 418 12th Ave E, Seattle WA 98102

TOTAL UNITS 8

BUILT 1968

SQUARE FEET 6,144 Total Net Rentable

PRICE $4,100,000

PRICE PER UNIT $512,500

PRICE PER FOOT $667

CURRENT GRM/CAP 17.7/4.2%

MARKET GRM/CAP 16.3/4.5%

LOT SIZE 5,998 Square Feet

ZONING LR3

O F F E R I N G

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.

� Unbeatable Capitol Hill core location

� Walking distance to Capitol Hill Light Rail Station, Broadway Avenue retail strip with countless restaurants and bars, Cal Anderson Park, Safeway and QFC

� Nearby easily accessible transit to downtown CBD via light rail or bus lines

� Spacious floor plans with private balconies or patios

� Stunning views from the second, third and fourth floors

� All large two-bedroom, one-bath units averaging 768 square feet

� True “turn key” transit-oriented asset

� Updates include: double-pane vinyl windows, stainless steel appliances, quartz countertops, new cabinets, new kitchen tile back splashes, new LVT floors, new bathroom sink vanities, new tile tub/shower surrounds and much more

� Common laundry facility

8CAPITOL HILL 8

I N V E S T M E N T H I G H L I G H T S

CAPITOL HILL HIGHLIGHTS

Superior Capitol Hill location just blocks east of the Seattle Central Business District.

Walkable to major employers in the Seattle Central Business District and South Lake Union neighborhoods.

Easy access to Interstate 5 as well as Interstate 90 and State Route 520 to Bellevue.

Hip / Urban location a block off the Broadway Corridor.

Nearby Grocery – Quality Food Center and Safeway

Nearby Drugstore – Rite Aid just a block away.

Walking distance to Seattle Central College, Seattle University and Seattle Academy of Arts & Sciences.

Cal Anderson Park – 7-acre park with water features, large lawn area, footpaths, a play area, an athletic field and oversized chess boards.

Sound Link Light Rail – Just two blocks away, the Capitol Hill Light Rail Station provides frequent service to places like Downtown Seattle, Century Link Field, Pioneer Square, the University of Washington, and the Seattle Tacoma Airport. The Roosevelt Station and Northgate Station are scheduled to open in 2021.

WALK SCORE

95

TRANSIT SCORE

79

BIKE SCORE

68

Capitol Hill is situated on a hill just east of the city’s downtown central business district. This popular residential neighborhood is funky and fast-paced, with an endless number of cool blocks to explore. During the day, markets, boutiques, and salons are a big draw. Nightlife is hopping with clubs, bars, and music venues, and you’ll often find coffee shops that moonlight as cocktail lounges

This desirable location contains some of Seattle’s wealthiest neighborhoods, including “Millionaire’s Row” along 14th Avenue E, a charming collection of single family residences on tree-lined streets, and the Harvard-Belmont Landmark District. It also has many distinguished apartment houses, including several designed by the distinguished builder Fred Anhalt.

The neighborhood figures prominently in nightlife and entertainment, with many bars hosting live music and with numerous avant-garde theaters. Most of the Hill’s major thoroughfares are dotted with coffeehouses, taverns and bars, and residences cover the gamut from modest motel-like studio apartment buildings to some of the city’s most historic mansions, with the two types sometimes shoulder-to-shoulder.

To the north is Capitol Hill’s largest and most popular public park. The 48 acre Volunteer Park is home to Seattle’s Asian Art museum, tennis courts, a conservatory, and a variety of city-wide events.

The demand for Capitol Hill apartments continues to rise as nearby Amazon continues its feverish hiring pace alongside other technology companies that are hiring as well as relocating to the South Lake Union area. This location is also home to longstanding health care providers including Swedish Medical Center, Group Health and Virginia Medical Center. Nearby Seattle University and Seattle Central College provide a consistent base to the apartment demand in the area.

CAPITOL HILL

M A J O R E M P L O Y E R S - C E N T R A L B U S I N E S S D I S T R I C T

M A J O R E M P L O Y E R S - S O U T H L A K E U N I O N

B U I L D I N G P H O T O S

U N I T P H O T O S

A E R I A L V I E W

V I E W S

MONTHLY INCOME CURRENT MARKET

Gross Potential Rent $17,975 $18,800

Utility Bill Back $600 $800

Laundry Income $131 $160

Parking Income $450 $1,050

Miscellaneous $160 $160

Gross Monthly Income $19,316 $20,970

ANNUALIZED OPERATING DATA CURRENT MARKET

Scheduled Gross Income $231,792 $251,640

Less Vacancy 1.0% $2,318 2.0% $5,033

Gross Operating Income $229,474 $246,607

Less Expenses $56,643 $61,613

Net Operating Income $172,832 $184,994

Annual Debt Service ($10,253/mo) $123,042 $123,042

Cash Flow Before Tax 2.43% $49,790 3.02% $61,952

Principal Reduction $33,720 $33,720

Total Return Before Tax 4.07% $83,510 4.67% $95,672

Income and Expenses

ANNUALIZED OPERATING EXPENSES CURRENT MARKET

Real Estate Taxes 2018 Actual $23,789 $30,524

Insurance 2017 Actual/Pro $5,200 $2,750

Utilities 2017 Actual $7,975 $7,975

Property Management Proforma 4% $9,179 $9,864

Maintenance & Repairs Proforma $6,400 $6,400

Turnover Proforma $1,200 $1,200

Landscaping 2017 Actual $1,300 $1,300

Reserves Proforma $1,600 $1,600

Total Expenses $56,643 $61,613

UNITS

TYPE

SIZE

CURRENT

MARKET

101 2 Bd/1 Bth 768 $2,150 $2,200

102 2 Bd/1 Bth 768 $2,050 $2,200

201 2 Bd/1 Bth 768 $2,095 $2,300

202 2 Bd/1 Bth 768 $2,195 $2,300

301 2 Bd/1 Bth 768 $2,195 $2,400

302 2 Bd/1 Bth 768 $2,395 $2,400

401 2 Bd/1 Bth 768 $2,495 $2,500

402 2 Bd/1 Bth 768 $2,400 $2,500

8 Total/Avg 768 $2.93 $3.06

Units 8

Year Built 1968

Rentable Area 6,144 Sq.Ft.

Down Pmt $2,050,000

Loan Amount $2,050,000

Interest Rate 4.39%

Amortization 30 years

Price $4,100,000

Per Unit $512,500

Per Sq. Ft. $667.32

Current GRM 17.69

Current CAP 4.22%

Market GRM 16.29

Market CAP 4.51%

Expense/Unit $7,080

Expense/Foot $9.22

Percent of EGI 24.44%

Expense/Unit $7,702

Expense/Foot $10.03

Percent of EGI 24.48%

CURRENT

OPERATIONS

MARKET

OPERATIONS

5 Unit Apartment 4235 11th Ave NE Seattle, WA 98105

1 Year Built 1996 Units 5 Sales Price $2,688,888 Price/Unit $537,778 Price/Foot $666 GRM/CAP Unknown Sales Date 5.14.2018

7 Unit Apartment 3306 Beach Dr SW Seattle, WA 98116

2 Year Built 1991 Units 7 Sales Price $3,780,000 Price/Unit $540,000 Price/Foot $540 GRM/CAP 16.8/4.5% Sales Date 3.6.2018

Harriet Manor 1304 E Harrison St Seattle, WA 98102

3 Year Built 1960 Units 9 Sales Price $3,660,000 Price/Unit $406,667 Price/Foot $588 GRM/CAP 17.3/4.3% Sales Date 1.12.2018

Mersoleil Franklin 2635 Franklin Ave E Seattle, WA 98102

4 Year Built 1962 Units 9 Sales Price $3,925,000 Price/Unit $436,111 Price/Foot $553 GRM/CAP 16.9/4.3% Sales Date 9.18.2017

1

3

4

2

S A L E S C O M P A R A B L E S

Portage Bay Flats 3232 Fuhrman Ave E Seattle, WA 98102

5 Year Built 1960 Units 5 Sales Price $2,500,000 Price/Unit $500,000 Price/Foot $498 GRM/CAP 22.3/3.2% Sales Date 9.13.2017

8 Unit Apartment 1300 E Mercer St Seattle, WA 98102

6 Year Built 1926 Units 8 Sales Price $4,525,000 Price/Unit $565,625 Price/Foot $841 GRM/CAP 31.6/1.9% Sales Date 9.8.2017

5

6

Mali Hus Apartments 2462 Dexter Ave N Seattle, WA 98109

7 Year Built 1976 Units 8 Sales Price $3,564,000 Price/Unit $445,500 Price/Foot $460 GRM/CAP 18.0/4.1% Sales Date 8.10.2017

Highland Condos 931 11th Ave E Seattle, WA 98102

8 Year Built 1924 Units 12 Sales Price $6,000,000 Price/Unit $500,000 Price/Foot $409 GRM/CAP 18.1/3.8% Sales Date 8.9.2017

7

8

8CAPITOL HILL 8

600 University St, Suite 2018

Seattle Washington 98101

206 623-8880 / info@ParagonREA.com

www.ParagonREA.com

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.